ETH Price Prediction – May 10

The general cryptocurrency market has recorded dips and rallies in the last few days. Ethereum ETH also dropped slightly but currently is up by 1.95%, trading at $1,875 in 24 hours. 

But, the 24-hour trading volume is down by over 10.5%, dropping to $6.9 billion. This value signifies that the ETH market is experiencing low activity. Notably, the coin still holds the second position on the CoinMarketCap ranking.

ETH Past and Present Price Trend

As of January 1, 2023, the price of ETH was approximately $1,196. From there, the price steadily rose, reaching a high of $1,661 on January 21, 2023. Before closing the month at the price of $1,586.

Throughout February, ETH ranged between $1,600 and $1 506 but later rose to $1,700 at the end of the month.

The coin started in March with a little price volatility but later rose to $1,801 on March 20, 2023. After that, the price of ETH went through a bit of correction, dropping to around $1,792.

However, ETH recovered and rose to $1,911 on April 6, 2023. The bulls still increased momentum and pushed the price to $2,010 in Mid-April. Since then, the price of ETH continued to rally between $1,800 and $1,900.

Overall, ETH has seen significant growth in 2023, with a few corrections along the way. However, cryptocurrency prices are highly volatile and subject to change anytime.

ETH Technical Analysis Using Indicators

Presently, the asset is trading above the 200-Day Simple Moving Average and is generally considered a long-term bullish signal. Traders and investors might interpret this as a signal to buy or hold the asset.

ETH is trying to form a short-term bearish signal as the coin trades slightly below the 50-Day SMA. This means that the price may likely decline shortly.

The Relative Strength Index (RSI) of 49.87 shows that the ETH market is in a neutral zone. It also indicates indecision in the market and low current momentum.

The Moving Average Convergence Divergence (MACD) trades below the signal line, indicating a bearish momentum. The histogram also confirms the sentiment as it’s below zero.

Note that technical indicators are not 100% right always and should be used in conjunction with other market factors.

ETH is currently trading between its primary support and resistance levels of $1,793 and $2,020, respectively. If the momentum increase and the bulls break the first resistance level, the next significant resistance is $2,963.

However, if the bears pull down the price, the next support level will be $1,003.

Expert’s Short-Term And Long-Term Price Prediction

Below are ETH price predictions by several experts and analysts based on technical and fundamental analysis.

ETH Price Prediction by GovCapital

Gov Capital made an Ethereum price prediction for 2023, suggesting that the price could reach $2,587.61 by the end of the year. The site also predicted that by the end of 2024, ETH might hit above $5,033.84.

ETH Price Prediction by DigitalCoinPrice

DigitalCoinPrice predicted that ETH might reach $4,500.84 on average in 2023, $5,118.69 in 2024, and $6,829.87 in 2025. According to historical statistics, the site predicted the price would reach about $21,611.85 in 2030.

ETH Price Prediction by PricePrediction

PricePrediction maintained an optimistic long-term ETH forecast stating that ETH could be worth $2,851.56 in 2023, $4,224.26 in 2024, and $6,442 in 2025. According to the site’s forecast, the price of ETH might hit $41,716.25 by 2030.

Factors Affecting the Price of ETH

The growth and development of the ecosystem, macroeconomic factors, crypto legislation, and other variables all affect the price trend of cryptocurrencies. 

Here are a few reasons behind ETH’s price movements.

Regulatory Development

Changes in regulations can greatly affect the price of cryptocurrencies. If new regulations or restrictions are announced, it can create uncertainty and fear among investors. This will result in high selling pressure and cause a price decrease. 

On the other hand, if regulations are clear and favorable, it can increase confidence and demand, leading to a rise in price.

Market Sentiment

The price of ETH, just like any other asset, can be affected by market sentiment. If investors are optimistic about the future of ETH, they are likely to buy more, which will drive up the price. 

However, if investors are bearish about the cryptocurrency, they may sell their holdings, causing the price to decline.